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I'm getting pretty fed up with the way the media portray any comments by industry bodies. They just post it word for word and is just is total spin. The classic one is house prices going up is good news of course, but I just noticed this trend.

'Low interest rates failing to rescue British households from £1.45 trillion debts, says Bank of England'

'500,000 households in negative equity'

According to a commenter on the news article the rate of default is relatively low, and of course for the borrower neg equity is largely irrelevant (unless they want to move quickly, but then that always costs money). The real problem is that as house prices drop ALL the stock on the Banks books is devalued and its a problem for Banking rules as the loan become toxic to the banks, even though the borrowers are repaying on time.

I know that won't be news to many, but the spin is starting to bug me. Its also a classic reminder of how Bank risk is based on asset value rather than repayment ability.

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+1

Journalism is supposedly the investigation, of a story or events. But when the BBC reports the findings of a VI body, they give the appearance of presenting it as truth.

Giving the VI body, an air of respectability, they do not deserve.

Its all about self interest.

Impartiality does not seem to exist in the media on the subject of the house price bubble.

* But what really takes the biscuit is when you have people like Will Hutton interviewed on Mainstream Media Channels, Newsnight, Channel4 News etc.

Without announcing their own massive personal interests.

Certain people have a huge Vested Interest, and the credibility and integrity of those programme's [and their presenters], these VI people appear on, is damaged because of it.*

Something that people like Paxman and Snow should care about.

We have learned that executives within media organisation's do not have to announce their profits from their housing interests. These same executives have posted many articles 'ramping' house prices for years. As well as suppressing the many reasons behind those house price Increases.

Yet they would not be allowed to report 'ramping' articles on certain stocks or shares which they held.

Edited by Dan1

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Thoroughly recommend the book 'FLAT EARTH NEWS'. It's a very insightful exposé of how the press and MSM work and how a great deal of the 'news' these days is spoon fed fluff from PR agencies or managed sound bites from either Reuters or Associated Press. There is little to no press freedom any more. That is obvious when you are getting more information about the state of your own country from watching Russia Today.

The press most certainly isn't free in the US. You won't find any truth about Israel in their papers. Amazingly Israel's own paper Ha'aretz is far more honest and critical of the Israeli government than any publication in the US. It really is a crime.

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BBC Radio 5 Live were at it again just now - talking about 'the dangers' of house price falls, with Miles (Shipside, I think) blathering on about how banks will need to get lending again (liar loans) to save the market (re-inflate the bubble).

The irony is, they mentioned this on the back of saying how utility bills were going up and people couldn't afford to pay them but seem to accept that paying more for property is not only OK, but should be encouraged...the idea that taking on massive debt (should the banks allow it again) is alright because it's property and prices should never be allowed to fall - never mind that you can't afford to light and heat the place afterwards!

They just don't get it and it's being trumped as the 'truth' by supposed experts, re-enforcing the myth that the problem is with the banks' lending criteria, not our over-priced property market!

AAAAAAAARRRRRRRGH!

Feck me, I'm angry.

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EDIT*

Complaint sent to Press Complaints Commission

Topic on Financial Journalism, and the Editors code of Practice.

http://www.housepric...pic=153785&st=0

Edited by Dan1

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No Email Address?

Topic on Financial Journalism, and the Editors code of Practice.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=153785&st=0

The email address was on my second link using the 'click here'

"If you would like to suggest an amendment click here, or send them to:"

Secretary of the Editors' Code Committee, PO Box 235, Stonehouse, GL10 3UF

http://www.editorscode.org.uk/about_us.html

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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